Exploration company Providence Resources today announced the results of a third party report on its Barryroe field in the North Celtic Sea Basin, offshore Ireland.
The report improves the company's earlier oil resources estimate announced in October 2012, based on a 35% oil recovery factor.
In a statement,Providence's technical director John O'Sullivan described the audit results as very positive and said they validated the "significant recoverable resources" from the reservoir which Providence first reported on last summer.
Providence said it will now proceed with its planned farm-out talks, saying that it has already received ''significant international industry interest''.
